Overview
Aleatica is a leading transportation infrastructure operator focusing exclusively on the development and operation of toll roads and other mobility assets. Aleatica’s portfolio comprises 20 assets across seven countries in Europe and Latin America.
Fund(s) advised by IFM first invested in Aleatica in 2015 through a minority stake in a single toll road in Mexico and has since expanded that investment to control the broader transportation platform.
Why did we invest in Aleatica?
The Aleatica platform features a mature base of brownfield assets with strong concession agreements in strategic markets and is well-positioned for future growth in Europe and Latin America.
Attractive portfolio of concessions
Aleatica’s portfolio of assets spans toll roads, ports, light rail, and airports. These assets operate under attractive long-term concession frameworks with government counterparties, which generally feature inflation-linkage and downside protection mechanisms. These mechanisms, which provide protection from operational or financial underperformance, include regulated frameworks, contracted returns, availability payments, toll-setting discretion, and more.
Strategic positioning
The assets are strategically located in high-growth regions underpinned by strong demographic trends and demand for modernized transportation networks. These regions also benefit from well-understood legal frameworks that enhance security and operational stability.
Majority brownfield assets
With 16 operational assets and four under construction, Aleatica benefits from a mature, stable base of brownfield assets with a history of volumes and revenue growth. Aleatica’s greenfield assets, located in Mexico and South America, provide a path towards further revenue and cash flow growth for the company once completed.
Platform for future growth
Aleatica’s established platform is well-positioned for future growth across Europe and Latin America, regions with ongoing investment needs in transportation infrastructure. This growth potential is underpinned by the diversity and expertise of Aleatica’s management team and builds upon successful previous expansions of the platform as detailed below.
Our active approach: What’s been the focus since 2015?
Since 2015, the investment in Aleatica has been strategically elevated from a minority interest in a single toll road, to control of the Aleatica platform, leveraging relationship development and value-added toll road expertise.
IFM’s active approach has resulted in the following key achievements:
-
Value creation and risk reduction through transaction and active management levers and constructive partnership with Aleatica management, with initiatives including:
-
Organizational restructure, creation and appointment of new roles, and alignment of management objectives
-
Improved governance and enhancement of compliance and risk function
-
Promotion of a culture of safety among the Aleatica team, customers, and communities, leading to a 67% improvement in Aleatica’s Lost Time Injury Frequency Rate (LTIFR) since acquisition
-
Focus on environmental initiatives, including commitment to 42% carbon emissions reduction target by 2030 and net zero by 2050
-
Global rebranding and active engagement with government, community, and other stakeholders to reposition business
-
Supporting the development of Aleatica’s greenfield assets through IFM secondments, lender relationships, and construction expertise
-
-
Value-accretive divestments of minority interests in two of Aleatica’s Mexican toll roads to like-minded, long-term investors
-
Acquisition of a regulated toll road in Italy, adding geographic and regulated asset diversification and providing a strategic foothold for further investment in the country
-
Integration of the UK-based M6toll asset within the Aleatica portfolio, allowing the M6toll to benefit from Aleatica’s technical and operational expertise while providing Aleatica with greater geographic, asset, and currency diversification
-
Completion of tender offers for the remaining publicly held shares of Aleatica’s listed Mexican holding company, increasing the indirect ownership of Aleatica by fund(s) advised by IFM to greater than 99.9% through the deployment of over US$500m of capital and unlocking the ability the delist the company
The outcome
IFM’s active approach to managing its investment in Aleatica has achieved positive results by growing, de-risking, and optimizing the business. Since acquisition, IFM’s initiatives have improved Aleatica’s existing portfolio of assets, expanded the Aleatica platform through organic and inorganic growth, and strategically positioned the business for continued expansion. Importantly, Aleatica has strengthened its relationships with government, community, and other stakeholders and solidified its social license to operate through an intense focus on safety and customer service. The success of the Aleatica business demonstrates the tangible impact of IFM’s hands-on approach to driving significant value for its investors.
*Unless otherwise specified, all data included within this case study is sourced from IFM/Aleatica.
Learn how
Learn how we can help investors unlock the value of infrastructure investing, turning opportunity into outcomes.
Explore our recent infrastructure thought leadership
Learn moreDisclosures
Case studies are provided for illustrative purposes only and should not be relied on to make an investment decision. This case study was chosen because it demonstrates IFM’s active approach to infrastructure investing. This material is provided for informational purposes only. This material does not constitute an offer, invitation, solicitation, or recommendation in relation to the subscription, purchase, or sale of securities in any jurisdiction and neither this material nor anything in it will form the basis of any contract or commitment. Past performance does not guarantee future results. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. This material is confidential and should not be distributed or provided to any other person without the written consent of IFM Investors. IFM-14APR2025-4356006